Answer ... As per art. 15, the only way against an arbitral award is the action to set aside.
An award may be set aside if:
- a party has lack of capacity or the arbitration agreement is invalid as per the law agreed by the parties or Turkish law in the absence of the agreement,
- the procedure of appointment of arbitral tribunal agreed by the parties or stipulated by the TCIA does not followed,
- the award is not rendered in due time,
- the arbitrator or arbitral tribunal unlawfully rule its own jurisdiction or rule unlawfully regarding lack of jurisdiction,
- The award rendered is out of the scope of the arbitration agreement or not covers the all issues or arbitral tribunal exceeds its authorization,
- The award is not rendered in accordance with the procedure agreed by the parties or stipulated by TCIA and this situation affects the substance of the award,
- The equal treatment principle is not considered by the arbitral tribunal,
- the subject matter of the dispute is not arbitable as per Turkish law,
- The award is against public policy.
Answer ... As per art. 15 of TCIA, the request for annulment of an award shall be made within thirty days. The period of thirty days for bringing a challenge begins to run from the date of notification of a decision on correction or an award or interpretation or an additional award. This request suspends the fulfilment of the arbitral award per se.
Answer ... As per art. 15 of TCIA, the parties may renounce partially or wholly their right to set aside the award. However, only the parties whose domicile or habitual residence is located outside the Turkey may renounce their rights to set aside in writing in the arbitration agreement with an express clause or after the arbitration agreement has been signed.